WASHINGTON — An administration official said Thursday that the White House plans to submit implementing legislation for the GATT Uruguay Round treaty to Capitol Hill by mid-June but is still wrestling with how it will raise $13 billion to cover tariff revenues lost during the pact’s first five years.
Retailing continues to be considered a possible source of this money, said Leon Panetta, director of the Office of Management and Budget. He spoke after testifying to the Senate Rules Committee on budget matters.
Giving the most definitive timetable yet from the administration on its plans to bring the GATT legislation to Congress, Panetta said he was confident the pact will win approval, “but it won’t be pleasant,” saying, “It will be a tough climb.”
Panetta said the administration was considering changing the tax treatment accorded inventories but he couldn’t discuss how rules would be changed.